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1999 SESSION
990666129Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.6 as follows:
§ 58.1-339.6. Tax credit for purchase of teacher’s instructional materials.
A. For taxable years beginning on and after January 1, 1999, any individual who teaches in a public or private school in the Commonwealth shall be allowed a credit against the tax imposed by § 58.1-320 of an amount equaling fifty percent of all personal expenditures made by the individual for instructional materials and supplies used in the individual’s classroom.
B. The amount of such credit shall not exceed $100 or the total amount of tax imposed by this chapter, whichever is less, in the year of purchase. If the amount of such credit exceeds the taxpayer's tax liability for such taxable year, the amount which exceeds the tax liability may be carried over for credit against the income taxes of such individual in the next five taxable years until the total amount of the tax credit has been taken.